UAE attractive business hub for local and international investors

Inayat-ur-Rahman / WAM

The UAE is an attractive and lucrative business destination for local, regional and global investors. The country’s economic growth is in fine fettle and is marching ahead bucking the global trends. The country is going to host Expo 2020, a global mega event. Over 190 countries have already confirmed their participation in the event, offering huge opportunities for UAE-based companies, multinationals and organisations with regional offices, to take advantage of the influx of potential new business.

The Ministry of Finance, MoF, announced on Thursday that the UAE will host the World Bank’s regional meeting of the Working Group of Ease of Doing Business Index in Dubai in December this year.

The meeting will be held under the patronage of Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and will be organised by the Executive Team of Ease of Doing Business Index in the UAE, in coordination with the Ministry of Finance.

Sheikh Hamdan Bin Rashid Al Maktoum, said that the World Bank’s selection of the UAE to host the meeting of the Technical Working Group of Regional Partners in the Middle East, is a decision that further demonstrates the UAE’s leadership on a global level.

“The move also underscores the UAE’s readiness and standing from an economic, financial and legislative perspective as a host for this vital meeting, which will discuss ways to further develop the investment environment in the Middle East,” he added.

Sheikh Hamdan noted that the efforts of local federal authorities in the UAE, as well as their membership in the Executive Team of Ease of Doing Business Index, have resulted in this successful outcome. “Organising the World Bank event, and highlighting the UAE’s excellence in all areas, will enable the nation to maintain its standing as a leading investment destination that attracts investors from local, regional and international markets,” he stated.

“All our entities have worked towards one objective: to bolster the position of the UAE and strengthen its business framework. This is being achieved through development and implementation of innovative plans and initiatives, formulation and implementation of thorough financial and economic policies, and constructive cooperation at local, federal and international level.

“This is to ensure the successful execution of plans in an optimal manner and to drive the reforms for ease of doing business and highlight the nation’s outstanding performance.”

“Resultantly, the UAE’s ranking has risen to 11th in the World Bank’s Ease of Doing Business Index, leading the Arab world for the sixth consecutive year in 2018. The UAE was in the top ten in the world in five out of ten indicators,” he concluded.

Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, said that the fact the UAE has been chosen to host the World Bank meeting is testament to the country’s global and regional goals to build competencies and share expertise to further develop business practices.

He said the consistent improvements made by UAE government institutions have reflected on the country’s leading position in global rankings for several years. “The World Bank’s decision to select the UAE as host for this important event underscores the strategic relationship that the nation enjoys with the World Bank teams. It also highlights the UAE’s efforts to create an attractive business environment for local, regional and international investors.” The regional meeting of Ease of Doing Business Index is a high-level gathering of experts convened by the Doing Business report team at the World Bank in Washington. The aim is to bring all stakeholders in the region under one roof, to discuss and assess the results of this year’s Ease of Doing Business report, and deliberate ways to improve the report methodology. The meeting also provides a platform that enables attendees to share success stories, experiences, ideas and best practices to enhance the business environment.

Abdulla Lootah, Director-General of Federal Competitiveness and Statistics Authority, FCSA, said, “Choosing the UAE to host the event demonstrates the confidence World Bank places on its partnership with our nation, as well as its trust in the nation to build a robust investment system. This move is testament to the knowledge built by our government institutions over the years and reiterates the nation’s achievements in important reports and indicators of global competitiveness. Unsurprisingly, the UAE recently achieved the first place in the Arab World in the Ease of Doing Business report for the seventh year in a row.”

With more than 250 global experts from the World Bank and major specialised economic institutions in attendance, the meeting will facilitate discussions around the opportunities and challenges facing the process of building and improving laws, legislation and procedures related to doing business, as well as the basic phases of economic establishments. Including starting a business, issuing building permits, delivering electricity, registering property, obtaining credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency cases.